Politics live: Tony Burke to give statement about Iranian footballers; EU to sign defence partnership with Australia

Home affairs minister in Queensland after dramatic night in which five female players were granted asylum. Follow updates live Get our breaking news email , free app or daily news podcast Surging oil prices have raised the risk of the Reserve Bank hiking interest rates in a week’s time, economists have warned. Traders bet heavily on interest rate rises on Monday after oil prices surged to US$115 a barrel. Markets expect rates will now stay higher for longer, with one indicator, Australian three-year bond yields, rising to a new record high for the decade. The data ... as well as now higher energy prices, means there is still a significant risk of an earlier hike. Her tone had shifted radically ... The oil price response [and] the risk that it opened up in their thinking was quite severe. Australia’s core national interest is decided in the Indo-Pacific ... This by the sound of it ... [is] a friendly nation to Australia, perhaps a Gulf state, that has been on the receiving end of some of the indiscriminate rocket fire from Iran ... has asked for our assistance. I think we should consider that request, although we have to carefully consider whether or not we have the capabilities available to contribute and that it would not in any way detract from our own national interests. Continue reading...